Company Press Release
Varitek Industries, Inc.--VATK Today Unveils 'THE TRIDENT'
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 14, 2000-- Varitek(OTC Bulletin Board:VATK - news)
Varitek Industries, Inc. (VATK) is in final development stages of a commercially based asset recovery GPS product known as ``The Trident'. After spending a great deal of time with corporate loss prevention specialists and verifying the need through insurance underwriters, we have moved to fill that need by developing The Trident.
Varitek, through its wholly owned subsidiary, Varitek Technologies Group (VTG) of Carlsbad, California, also announced today the signing of two wireless data communications engineers, and one software engineer, who bring many years of experience to the company. Bob Howe, President of VTG, stated that due to the increasing demand of the new Trident product, hiring these engineers would be most beneficial to accelerate the complete development of the Trident.
The Trident is a location system providing longitude, and latitude for precise location, speed and direction information, specially designed and hardened for the marine/maritime environment, and other commercial applications. The system automatically detects unauthorized movement and notifies the national monitoring center of the alarm condition. Upon confirmation of a true alarm, the National Monitor Center begins to track the current location, speed and direction of the asset. Varitek expects to have the Trident in field tests during the third quarter of this year.
This Trident system, we feel will have a dramatic effect on the asset recovery and will be embraced by the insurance industry. As an example, in one segment of pleasure crafts in Germany alone, there were thousands of thefts of small high-powered boats, which cost the insurance underwriters substantial losses. These losses could be eliminated with the availability of the Trident system.
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Such statements speak only as of the date made.
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